On 20 October 2020, there was published a memorandum of understanding (MoU) between the Bank of England (BoE) and the United States Commodity Futures Trading Commission (CFTC) regarding cooperation and the exchange of information in the supervision and oversight of clearing organisations that operate on a cross-border basis in both the United States and the United Kingdom.

Through the MoU, the CFTC and the BoE express their willingness to cooperate in the interest of fulfilling their respective regulatory mandates, particularly in preserving the benefits of cross-border clearing activity. The MoU also recognizes the history of cooperation between the CFTC and BoE and encourages supervisory coordination and reliance upon the other authority’s supervision and regulatory framework.

The MoU supersedes a 2009 agreement and follows a 2019 joint statement by the CFTC, BoE, and other UK authorities on continuity of derivatives trading and clearing post-Brexit.